Two Levy County census tracts have received the new Opportunity Zones designation after a federal act signed into law last year.
Tracts in Bronson and Williston were nominated by Florida Gov. Rick Scott before officially being certified by the US Department of Treasury. The designation comes after President of the United States Donald Trump signed the Tax Cuts and Jobs Act in 2017. The zones provide tax incentives for eligible businesses or investment within the zones, including a “temporary deferral on capital gains taxes, when investors reinvest those gains in qualified Opportunity Funds,” according to the Department of Economic Opportunity.
Click here for am Opportunity Zones FAQ, or click here for official US Treasury rules.
These zones will not do much to repair the damage to my business that the steel tariffs have created. Our raw materials cost has gone up by 50% or more and sales have been reduced to next to nothing with only two small sales in the 3 months since the announcement. US steel vendors have been gouging us for steel products; in one case we paid more than double the normal price on old India imported flanges. We thought for the price we were getting domestic, but no.If this continues our manufacturing in the US is done. Not by choice.